2014 (10) TMI 909

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....he facts relating thereto are stated in brief. The AO completed the assessment of both the years under consideration u/s 143(3) read with section 153A of the Income Tax Act, 1961 (the Act) consequent to the search and seizure operations conducted on 11.4.2007 at the residence of the assessee as well as in the group cases of M/s Sia Lifestyles Pvt Ltd. In the assessment year 2003-04, the AO added a sum of Rs. 6,54,138/-, being gift received by the assessee by way of SBI Resurgent India Bonds of 10000 US$ equivalent to Rs. 6,54,138/-. In assessment year 2005-06, the AO completed the assessment by making the following additions : a) Disallowance of interest of Rs. 40,165/-; and b) Assessment of Long Term Capital Gains as unexplained cash cre....

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.... basis of incriminating material found during course of search. The ld. AR further submitted that various other Benches of the Tribunal have taken identical view in the following cases : i) ACIT V/s Saf Yeast Co.Pvt.Ltd in ITA No.4230/Mum/2011(AY-2002-03), dated 18.10.2012, ii) Shri Govind Agarwal V/s ACIT in ITA No.3389/Mum/2011 (AY-2002-03), dated 10.1.2014; and iii) Shri Gurinder Singh Bawa V/s DCIT in ITA No.2075/Mum/2010 (AY-2005-06) dated 16.11.2012 The Ld A.R submitted that the revenue did not unearth any incriminating material during the course of search warranting the additions made by the AO in both the years. The assessing officer has made the impugned additions on the basis of information available in the original returns of....

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....ng is found on account of such search or requisition, then the question of reassessment of the concluded assessments does not arise, which would require more reiteration and it is only in the context of the abated assessment under second proviso which is required to be assessed". For the sake of convenience, we extract below the relevant observations made by the Coordinate Bench of the Tribunal in the case of Shri Govind Agarwal (supra): "17. Rajasthan High Court judgment in the case of Jai Steel (India) (supra), vide para 18, it is categorically mentioned that "the requirement of assessment or reassessment under the said section (153A) has to be read in the context of sections 132 or 132A of the Act, inasmuch as, in case nothing incrimina....